Pair of Big Block Deals Announced in the Final Days of November
Recent news of a pair of big block deals during the final days of November carries welcomed optimism for New York City’s office market. Leading the way is the announced purchase by Wells Fargo of the former Neiman Marcus space on the upper floors of 20 Hudson Yards. Currently occupying an approximately 500,000-square-foot condominium unit at 30 Hudson Yards that the California-based lender acquired in 2019 for an estimated $650 million according to press at the time, the expansion of 445,000 square feet brings Wells Fargo’s footprint at the complex to about 950,000 square feet in total. The space that spreads across the 5th through 7th floors of the retail component, and connected internally to both 30 Hudson Yards and 10 Hudson Yards, fetched a price of about $550 million. The second deal will result in Weill Cornell Medicine establishing a new 200,000-square-foot research facility at 1334 York Avenue spanning the top five floors of the 10-story building. Currently the home of renowned auction house Sotheby’s, occupancy of more than 700 faculty and staff will take place in phases as Sotheby’s vacates the space and floors are gut renovated to make way for the construction of new lab space with an anticipated opening in the fall of 2026. The building, which is ideally suited for research space, is also conveniently located one block from Weill Cornell’s main campus between East 68th and 70th Streets. Full details of the transaction were not released.